She said: “Our experience shows that monthly average FAAC receipts should be at N650 billion to allow the federal and state governments meet their current obligations in a healthy manner.

“Unfortunately, we project that monthly receipts may decline to as low as N400 billion over the next three to six months. To address this emerging fiscal risks, the president has approved that the sum of $150 million be withdrawn from the Nigerian Sovereign Investment Authority stabilization fund to support the 2020 FAAC disbursements.

“The fund was created for such emergencies and is to be utilized for this purpose.”

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𝐀𝐟𝐫𝐢𝐜𝐚 𝐃𝐚𝐢𝐥𝐲 𝐍𝐞𝐰𝐬, 𝐍𝐞𝐰 𝐘𝐨𝐫𝐤 is a non-partisan news web-portal, established on the truth to bring you daily and current updates on contemporary events from Africa particularly, and other parts of the world generally. Our reportage comes from reliable news sources, that are bound in truth irrespective of whose ox is gored.